(1) The Board may, subject to such conditions as it may prescribe, on the application of a person claiming to be entitled to a Board security or securities issued by it, on being satisfied of the justice of the claim and on delivery of the security or securities receipted in such manner and on payment of such fee, if any, as it may prescribe, convert, consolidate or subdivide the security or securities, and issue to the applicant a new security or securities accordingly.
(2) The conversion, consolidation or sub-drivision referred to in sub-section
(1) may be into security or securities of the same or diffierent classes or of the same or different loans.
63. Notwithstanding anything contained in the Indian Limitation Act, 1963—
(i) on payment of the amount due on a Board security on or after the date on which payment becomes due to, or
(ii) when a duplicate security has been Issued under section 61. or
(iii) when a new security or securities has or have been Issued upon conversion, consolidation or sub-division under section 62, the Board shall be discharged from all liabilities in respect of the security or securities so paid or in place of which a duplicate or new security or securities has or have been issued—
(a) in the case of payment, after the lapse of six years from the date on which payment was due;
(b) in the case of a duplicate security after the lapse of six years from the date of the publication under sub-section (3) of section 61 of the list in which the security is first mentioned or from the date of the last payment of interest on the original security, which ever date is later;
(c) in the case of a new security issued upon conversion, consolidation or sub-division, after the lapese of six years from the date of the issue thereof.
64. All loans raised by the Board under this Act shall be a first charge on—
(a) the property vested or which may hereafter during the currency of the loans become vested in the Board other than—
(i) any sum set apart by the Board—
(1) as the sinking fund for the purpose of paying off any loan;
or
(2) for the payment of pension to its employees; or
(ii) the provident or pension fund established by the Board; and
(b) the rates leviable by the Board under this Act.
65. The Government shall have in respect of loans made by it to the Board the same remedies as holders of Board securities issued by the Board; and the Government shall not be deemed to possess any prior or greater rights in respect of such loans than holders of such Board securities:
Provided that when the terms of any such loan made before the appointed day expressly provide that the loan shall have priority over all other loans in the matter of repayment by the Board, such loan shall have priority.
Issue of converted, etc. securities.
XXXVI of 1963. Discharges in certain cases.
Security for loans taken by the Board.
Remedies of Government in respect of loans made to Board.
The Gujarat Maritime Board Act, 1981 28 of 42
66. The Board may, with the previous sanction of the State Government apply any sums out of moneys which may come into its hands under the provisions of this Act and which can be so applied without prejudicing the security of the other holders of the Board securities, in repaying to the Government any sum which may remain due to it in respect of the principal of any loan although the time fixed for the repayment of the same may not have arrived:
Provided that no such repayment shall be made of any sum less than ten thousand rupees; and that if such repayment is made, the amount of interest in each succeeding instalment shall be so adjusted as to represent exactly the interest due on the outstanding principal.